Insider Buying: Internap Corp (INAP) CEO Purchases 16,500 Shares of Stock

Internap Corp (NASDAQ:INAP) CEO Peter D. Aquino bought 16,500 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was purchased at an average price of $7.02 per share, for a total transaction of $115,830.00. Following the acquisition, the chief executive officer now directly owns 637,796 shares of the company’s stock, valued at approximately $4,477,327.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

NASDAQ:INAP opened at $6.94 on Friday. The firm has a market capitalization of $180.88 million, a P/E ratio of -4.48 and a beta of 2.51. Internap Corp has a twelve month low of $6.08 and a twelve month high of $18.49. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 72.60.

Internap (NASDAQ:INAP) last released its quarterly earnings results on Thursday, November 1st. The information technology services provider reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.24). The company had revenue of $82.97 million during the quarter, compared to the consensus estimate of $82.80 million. Internap had a negative net margin of 16.18% and a negative return on equity of 2,471.65%. The business’s revenue was up 20.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.48) EPS. As a group, analysts predict that Internap Corp will post -2.58 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on INAP shares. Stifel Nicolaus started coverage on shares of Internap in a report on Tuesday, July 17th. They issued a “hold” rating and a $12.00 target price on the stock. ValuEngine upgraded shares of Internap from a “strong sell” rating to a “sell” rating in a report on Friday, August 3rd. BidaskClub upgraded shares of Internap from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. SunTrust Banks assumed coverage on shares of Internap in a report on Tuesday, September 18th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Zacks Investment Research cut shares of Internap from a “buy” rating to a “hold” rating in a report on Wednesday, October 31st. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $17.60.

Large investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Internap in the second quarter valued at $126,000. Dynamic Technology Lab Private Ltd purchased a new position in Internap during the first quarter valued at $188,000. Royal Bank of Canada lifted its position in Internap by 1,220.3% during the first quarter. Royal Bank of Canada now owns 17,666 shares of the information technology services provider’s stock valued at $194,000 after buying an additional 16,328 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Internap during the first quarter valued at $202,000. Finally, Creative Planning purchased a new position in Internap during the second quarter valued at $231,000. Institutional investors and hedge funds own 83.88% of the company’s stock.

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Internap Company Profile

Internap Corporation provides Internet infrastructure services. It operates through two business segments, INAP COLO and INAP CLOUD. The INAP COLO segment offers colocation services, including physical space within data centers and related services, such as power, interconnection, environmental controls, monitoring, and security; and Internet protocol (IP) connectivity services comprising its patented Performance IP and content delivery network services, IP routing hardware and software platforms, and Managed Internet Route Optimizer controllers.

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Insider Buying and Selling by Quarter for Internap (NASDAQ:INAP)

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